What are the specs of the actual unit itself?
Is it actually a mini android device in itself or what?
No its not.
Its basically a 1.3" OLED screen that fuctions as a clock and has bluetooth connectivity. The bluetooth is used to sync data from an Android phone, such as new Text Messages, Facebook updates, RSS Feeds, Calendar Reminders, Incoming Call Display, etc. There is also an SDK so people can write new plugins to display other kinds of information, such as the "Where Am I" plugin, which will show you a Google map image of your location.
The LiveView itself cannot send any data, just receive. The bluetooth also cannot be used to take hands free calls, as there is no microphone or speaker.
Basically, the device allows you to check information so you don't have to pull your phone out of your pocket as often. Some people don't see the point in this, and for most people it probably isn't going to be useful. But for someone like myself who is not allowed to use they're phone while at work, this is a great device. It allows me to keep up on things that I otherwise would not be able to check until I was off work or on a break.